will my motorcycle insurance really be 145 dollars a month?

Question

i did a quote online at progressive just to get an idea of how much the insurance would be for a 2005 yzf r6. i am 18 years old had my motorcycles license for 2 years and have been riding smaller bikes for 2 years now the r6 i am looking at costs 6000 with very low miles and an aftermarket exhaust from a dealer and i will be making a 2200 trade in which will go towards the bike but the rest will have to be financed. i heard the online quote is wrong because i didn't use my social security number and is different from the real quote i should get. also the loan will most likely be under my parents name and if u know of what type of coverage i will need since it is financed ive been doing alot of studying but thought id ask on here. i live in wisconsin which isn't a very populated area which should also make a difference if u know anything or need to know anymore just ask thanks alot

Answer 1

If you are financing the bike, you will most likely be required to have full coverage, so 145 a month would not be very surprising to hear. You are only 18, and an R6 is a high performance sportbike. I bet most the quotes you are going to get will be in that range.

Answer 2

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RE Will my motorcycle insurance really be 145 dollars a month?



i did a quote online at progressive just to get an idea of how much the insurance would be for a 2005 yzf r6. i am 18 years old had my motorcycles license for 2 years and have been riding smaller bikes for 2 years now the r6 i am looking at costs 6000 with very low miles and an aftermarket exhaust from a dealer and i will be making a 2200 trade in which will go towards the bike but the rest will have to be financed. i heard the online quote is wrong because i didn't use my social security number and is different from the real quote i should get. also the loan will most likely be under my parents name and if u know of what type of coverage i will need since it is financed ive been doing alot of studying but thought id ask on here. i live in wisconsin which isn't a very populated area which should also make a difference if u know anything or need to know anymore just ask thanks alot

Answer 3

Taking into consideration this is your first motorcycle, which mean you have NO track record for experience, coupled with the fact you probably purchased a 'rice burning crotch rocket', it may be that's your fate. One of my sons had an accident four years ago and NO INSURANCE company will take him on for less then 7k per year. He's now 23 and I can't even place him as an occasional operator on my policy. Then there is the financial note that I'm also sure you have, that means you must carry 'full coverage' with a deductible of X amount of dollars. The least expensive company I've found are Farmers Ins., AIG, and believe it or not Allstate. If you are, as you say, a college student, why then do you need a new vehicle, much less one of each? With the 'liberal education' you are enrolled for you should expect no less. Spend you money on an old vehicle, nothing wrong with living within you means. If you can, minimize your expenses,you'll need the funds elsewhere. Also, there is nothing in the law that clarifies you have to be riding a motorcycle. Most insurers will ask 'how long have you been operating a motorcycle'. If you get an endorsement to you license, and keep, that will show when they pull your record. Do you understand what is being said here? Back to my son, he has been endorsed for five (5) years, so the insurer would 'assume' he has five years experience, that would lower his premium

Answer 4

That makes sense. Insurance companies see 18 year old and sportbike and the price goes through the roof. I have been looking at quotes with progressive with different kinds of bikes. The quotes i have gotten are something like 2000 to 3000 a year for full coverage on a sportbike for a 17 year old.

Answer 5

The MSF course will lower it a little, but dont expect a miracle...you are still 18, a new rider (yes, 2 years is still a new rider) and you are trying to get a high performance sportbike. Thats what the insurance companies see....you've only had a license 2 years, they see that as a - not a +

If you look at other bikes like cruisers, the insurance will still be high, not like a sportbike, but fairly high just because you are young, and an inexperienced driver...on a bike.

Answer 6

Sounds about right. You may get it a little cheaper. I thought my insurance was expensive.



I pay $100/month for full coverage on a home made chopper with a 1640cc engine. I'm 27.

Answer 7

$145/month is extremely high.



I have Progressive as well and with full coverage on my Honda Shadow and a medical expense policy added (very cheap, be sure to include this!!!), my yearly policy was just over your monthly quote.



Of course a lot depends on your rates such as type of bike, where you live, and age, but dam...

Answer 8

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RE :Will my motorcycle insurance really be 145 dollars a month?

i did a quote online at progressive just to get an idea of how much the insurance would be for a 2005 yzf r6. i am 18 years old had my motorcycles license for 2 years and have been riding smaller bikes for 2 years now the r6 i am looking at costs 6000 with very low miles and an aftermarket exhaust from a dealer and i will be making a 2200 trade in which will go towards the bike but the rest will have to be financed. i heard the online quote is wrong because i didn't use my social security number and is different from the real quote i should get. also the loan will most likely be under my parents name and if u know of what type of coverage i will need since it is financed ive been doing alot of studying but thought id ask on here. i live in wisconsin which isn't a very populated area which should also make a difference if u know anything or need to know anymore just ask thanks alot

Update: but since i have never been pulled over once or gotten in any type of accident ever and also have taken an msf course how much do u think this would help?

Follow 13 answers

Answer 9

Welcome to the wonderful world of High performance motorcycles.The cost of insurance on a sport bike for someone under the age of 25 is very high.I've seen insurance cost as much as $3500.00 for a single year.

Answer 10

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Answer 11

That might even be a fairly LOW quote.

Answer 12

hell no. i have full coverage on my car and it's not 145 a month.